Purchase Help

[MarkosSankey]

at this point there is really no debating, just a when, and how I'm going to get one. I've been wanting one since I first heard about them 6 or so months ago. This will be my first car I've purchased through a dealer, so I need pointers. First off, I'd like to start with what I want. I want a tuxedo black NEW 2014 or 2015 FiST. Really the only option I want is the recaros. I want my payments to be around 300 a month. Sticker price on one at the dealer (ingot silver, basic with no options) is 21,700. Honestly wouldn't mind it without the options. Okay, that's out there so now let's talk business. What would be a good down payment/value of a trade in? What are some ways the I could get him down? Does anyone know of ongoing incentives? I'm sure I'm forgetting something. Any input is much appreciated. And like I said this is my first time buying from a dealer. Thanks, guys!
9 minutes ago EditReportReply

 

[MKVIIST]

Welcome aboard!

Take a look at http://www.ford.com/cars/fiesta/incentives/ to see what incentives is in your area. Right now in my area it shows there is 0% financing and a $1,000 cash back. If you are military or police you can get an additional $500 cash bonus. Finding a 2014 with only Recaros as an option won't be easy as most dealers will normally order it with navigation, therefore you might need to order a 2015. Check sites like cars.com to see if there is anything out in your area. With TTL, you'll probably need to put down around $5-6k to keep the payments around $300.

 

[djy]

Be mindful that not all of the cash incentives can be combined with the lowest financing rates. It may be either or. Check your credit score as well via credit karma or annualcreditreport.com. Don't use that freecreditreport.com garbage. If you belong to USAA or NFCU, you can receive their special pricing rates in addition to Ford's cash rebates/incentives. Just fyi, the dealer i purchased from offered less than 1% over invoice. Not all dealers are the same. Additionally, I've seen people use Edmunds and true car to obtain purchase information.
If the lowest interest rates offered by Ford can't be combined with the cash savings, look to credit unions for low financing rates. They might offer more attractive rates than other well-known banks. I queried rates from chase, wells fargo, capital one, ford, and a few others and they didn't come close to navy federal.
In regards to a down payment I've heard the general rule of thumb is to contribute at least 20%. In the end, it depends on how much cash you can devote towards your purchase without putting yourself in a financial hot mess. If you have a trade-in, ensure you know its history and what it's worth. Utilize NADA, KBB, and other sources to give you an estimation on your vehicle's worth. When I traded my car in there was a difference of almost 1K between two dealers.
If you're a college/grad student, Ford offers $500 off as well.
Lastly, read this: http:// http://carbuying.jalopnik.com/the-truth-about-truecar-savings-1559397086 It was a good read.

 

[contourious]

MarkosSankey, I am in a similar boat, as I am trying to research my first potential new car purchase as well! I am trying to determine the best option between the two current Ford incentives. $1,000 off sounds like a fantastic deal, but that leaves question about what Ford's APR will be if you chose the "Switch Cash" over the 0%. I've found an average of 2.5% to 3% from both banks and credit unions. However, this can vary by location and time. Perhaps MKVIIST or djy may know what Ford's rate would be for a 60 month loan if opting for the $1,000 incentive? I assume that it will be lower than traditional bank rates, being that Ford is trying to sell their cars, but I haven't been able to find that info anywhere, including Ford Credit's website.

 

[MKVIIST]

[MENTION=2039]contourious[/MENTION] that all depends on your credit score, most likely you can get a better deal from a Credit Union of you opt for the cash back. My local credit union has 1.9% financing but it's only for a 36 month loan.

I'm currently doing the 0% finance from Ford plus my dealer gave me the $1500 cash back incentive that Ford was offering last year. It wouldn't hurt to haggle for the same deal from your salesperson.

 

[djy]

I can't say for sure but if you opt for the 1K incentive and finance through Ford, the interest rate, in my estimation, would be between 2.9 and 3.9. I took on the 1K incentive last December and a 72 month contract was at 4.9, which was the lowest Ford offered. Followed by 3.9 for 60 months. Without hesitation, I already knew what was best. Given the lowest interest offered from my credit union compared to other lenders and the fact that the 1K cash incentive was still in play, the credit union was the best route. It may or may not be the same for you, but it most likely will be. Lastly, if you setup auto payments for the loan, banks might offer a .25% reduction in your interest rate. It's not gonna move heaven and earth but why not.

 

[caliboy15]

here's what I got

$500 down
1.9 APR Ford Finance
$18,780 for the FiST (no options)
$21464.55 OTD with premium warranty and GAP

$315/month

 

[ShadowBlackMower]

here's what I got

$500 down
1.9 APR Ford Finance
$18,780 for the FiST (no options)
$21464.55 OTD with premium warranty and GAP

$315/month

For a 2014 FiST? What is the base price of a 2015 FiST?

 

[caliboy15]

For a 2014 FiST? What is the base price of a 2015 FiST?

That is 2015 FiST.

from where I got mine the MSRP is $21,740 with $1000 rebate if finance with Ford Credit